27 October 2009 17:30 [Source: ICIS news]
WASHINGTON (ICIS news)--A global economic recovery is unmistakably under way but the return to normal growth rates will be unusually sluggish, a leading US manufacturing association said on Tuesday.
The Manufacturers Alliance said in its quarterly economic outlook that “Recent data paint an unmistakable picture that a global economic recovery is in progress”.
However, the alliance cautioned, “the rebound could be unusually sluggish and disproportionately catalyzed by a number of select emerging market nations, notably ?xml:namespace>
The global recovery will be sluggish, Waldman said, in part because “
That is a good development for long-term stability, Waldman noted, but as
The recovery also is likely to be slow, Waldman said, because at some point the
The alliance said US exports of goods and services will likely show a nearly 12% contraction for this year but then recover to 5.7% growth in 2010 and accelerate to nearly 8% growth in 2011.
While industrialized nations can expect to see gross domestic product (GDP) growth of 2% to 2.5% beginning next year and into 2011, the alliance outlook said, GDP in developing economies of China, India and Brazil could average growth rates of 3.5% in 2010 and rise to near or at 5% in the following year.
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